Lease needs to be defined first to make explicit the term of lease financing. Lease is a contract which grants use or occupation of a specific property over a specific time period for a specified payment. Lease financing is the type of lease in which the financer himself purchases the assets which are going to be leased. After doing so he leases it to the person who is requiring the asset.
It can be elaborated by a six step process which makes it so simple. First step is the selection of an item or asset by the customer or say borrower. Second step involves the purchasing of that asset but the question arise that who will be the one to purchase that asset? Obviously some finance company will purchase that for the customer.
The third steps involve the payment in the form of rent by the borrower to the finance company. Payment could be made on weekly, monthly, quarterly and yearly basis. It depends on the consumer, company and the asset that is being leased.
Fourth step is about the use of that asset. Consumer will make the use of the asset for which he is paying installments. In fifth step, the customer will recover all the installments including the interest rate of the product. In the sixth and final step, the borrower may acquire the ownership of the product and become the legal owner.
Finance company was the legal owner of the asset during the time period in which installments were being made. Lease financing has scores of pros. The asset is fully financed by the lease. Expenditure against the revenue can be fully paid and can be used for tax assessments. The leaser gets the depreciation benefits that is to say all the cost of wear and tear done to the item which was leased.
Finance leasing can also be expensive for the lessee. He has to pay the rent until the lease expires along with the interest. Besides in finance leasing the financer himself is the lessee. It is up to him whether he benefits from it or moves towards loss. The chances of earning profit are more and should be more because the finance leasing is done on the purpose to earn profit.
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